Awards & Credentials
SECP License
Regulatory licensing is an important part of the company’s commitment to sound governance, accountability and responsible financial services.
Regulatory credential
Licence to Carry Out Investment Finance Services
UDL FINANCIAL SERVICES LIMITED holds an official license issued by the Securities and Exchange Commission of Pakistan (SECP) under the Licensing and Registration Division, Licensing Department.
This license authorizes the company to undertake Investment Finance Services restricted to Conventional lending as a Non-Banking Microfinance Company (NBFC) pursuant to Rule 5 of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003.
Official record
License Details & Specifications
- LICENSE NUMBER
- SECP/LRD/115/UDLFSL/2022-54
- LICENSED ENTITY
- UDL FINANCIAL SERVICES LIMITED
- ISSUING AUTHORITY
- Securities and Exchange Commission of Pakistan (SECP) — Licensing and Registration Division, Licensing Department, Islamabad
- SCOPE OF LICENSE
- Licence to carry out Investment Finance Services restricted to Conventional Lending as a Non-Banking Microfinance Company
- REGULATORY FRAMEWORK
- Granted under Rule 5 (sub-rule 6) of the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003
- DATE OF ISSUANCE
- April 23, 2024 (Islamabad)
Regulatory Oversight
Conditions for Grant of License
The grant of license to UDL FINANCIAL SERVICES LIMITED ("UDLFSL") is subject to regulatory conditions prescribed by the Commission from time to time:
- Statutory & Regulatory Compliance: UDLFSL shall comply with Part VIII-A of the Companies Ordinance, 1984, the Companies Act, 2017, the Non-Banking Finance Companies (Establishment & Regulations) Rules, 2003, the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (as amended or replaced), and any directives, circulars, codes, notifications, and guidelines issued by the Commission.
- Financial Reporting: UDLFSL shall submit annual, half-yearly, and quarterly financial statements and such other reports as specified in applicable laws.
- Minimum Equity Maintenance: UDLFSL shall ensure compliance with the minimum equity requirement at all times as specified by the Commission from time to time.
- Equity Injection: UDLFSL shall ensure to inject the minimum equity requirement, as envisaged in the scheme and in light of regulatory requirements.
- Statutory Auditors: UDLFSL shall ensure that its statutory auditors are appointed as specified in Circular 04 of 2023 dated April 03, 2023 issued by the Commission.
- Governance & Fair Treatment Compliance: UDLFSL shall submit a compliance report within six months of the issue of license evidencing that it has taken all necessary steps in order to implement and give effect to the terms/conditions of License, order of Permission to Form NBFC, and its policy on transparency, fair treatment, and debt collection/recovery in addition to compliance of all applicable regulatory frameworks.